COVID-19 has caused an economic downturn of immense magnitude. Dubai experienced a 6.2% contraction in 2020 as key sectors such as transportation and tourism were severely hit by the pandemic.
However, businesses are slowly bouncing back, and several founders are ready to launch their startups now. But it has become equally important to plan better for the post-pandemic world. Here are some guidelines you can follow for writing your post-COVID business plan.
Focus on showcasing your worth to investors
Investments in the post COVID world will not be easy. Investors/VCs are going to look even more closely before investing any amount. That’s why your business plan should clearly show what sets you apart from the rest in the crowd. You should be able to show you can utilize the investment and grow your business.
Know the operational challenges
When a business is starting in the post-COVID world, there may be unprecedented operational challenges one may have to face. We live in the new normal, and you can expect the old processes to always work. Be prepared to make immediate adjustments in the operations of your business to be in sync with the new landscape.
For example, focus on outlining a strategy for building a remote work team. Familiarize yourself with collaboration tools such as Slack, Microsoft Teams, Trello, and Skype for communication.
Be adaptable
Pandemic has taught that only those businesses who are ready to adapt to the changed circumstances can survive in the longer run. For example, many brick-and-mortar stores were forced to adopt the online marketplace model to sustain during the pandemic. That’s why your post-pandemic business plan should clearly show that you are willing to pivot in the face of a crisis.
Flexibility is key, and willingness to pivot can be a game-changer.
Pay attention to the cash flow management
You never know when another catastrophe hits your business. Keeping a close eye on your business is the only way to prepare for the future. Know your expenses and cash flows and plan strategically. The thumb rule to follow here is to keep six months’ worth of expenses in savings at all times and make your projections on this basis. Here are Tips for Positive cash flow management for Small business.
Keep your forecasts realistic
In the post COVID world, investors are looking for realistic projections. Inflated numbers will not give you an edge. On the contrary, you can totally lose the funding. Make sure to do your homework and learn about the ground realities before working on your financial model. Applying the lessons learned from the pandemic will help you make a more credible assessment and win the trust of your investors.
Know the power of diversification
Diversifying the various elements of your business, including the business streams, will help you stand a better chance in case of the economy slowing down.
Committing all your funds towards a single service or product can be a recipe for disaster. For example, in the post COVID world, if you plan to set up a restaurant, make sure that you can diversify to supply groceries through third-party vendors. Being agile can help you stay afloat even when others in the same industry experience monetary losses.
You can even maintain a list of ideas to help you pivot when you need it – setting a clothing line? Add the production of face masks to your list. And then, get ready to implement your business idea successfully.
Don’t cut back on marketing
The chances of facing higher competition in the market are more in the post COVID world as everyone is trying to start afresh. Allocate enough funds towards marketing your business as you may need to put in a little bit extra effort to get noticed by your target audience. Stepping up your marketing efforts will help you to establish your name in the market. This is also an area where most entrepreneurs find themselves at a loss due to lack of knowledge. It is always better to get in touch with a marketing and branding consultancy to ensure your money works better for your new business.
Your business should be ready to be sold
During a crisis, you may need to sell off your business, and it is vital to keep this option open. While this bit is tricky, pay closer attention to the valuation metrics and have a backup plan. If the pandemic has taught us anything, it is how unpredictable markets can be.
Be ready to collaborate
Joining forces with other companies may be helpful when your business is facing a crisis. For example, if you have a real estate company, you can team up with other startups that provide service apartments for customers. This can be a guaranteed way to generate business.
Ready to start a new business in the UAE? Don/t forget to speak to us
Starting a brand new business in the UAE after the pandemic is a great idea and offers immense potential to succeed. However, a strong business plan is the foundation of every business, and unless you are ready to pandemic-proof it, you may find it challenging to sustain. If you are a new business owner, reaching out for business consulting services can be a great way to design your business plan that takes care of the realities of the post COVID world.
Here’s where Centurion Consulting LLC experts can help — we work as business setup consultants in the UAE and provide end-to-end business consulting services. Our team of experts is here to help you write your business plan, incorporate your company, and even monitor regulatory compliances so that you can focus on running your business smoothly. Eager to know a business consultant can help you start a new business in the post COVID world. Schedule a 45 min free online or offline call with our experts right away.
